Drawbacks of including a car when selling a home (appraisal, sale, price)
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I have a home I'm getting ready to sell. Itself, its worth between 600 and 650k. It is completely energy self sufficient and I'm thinking about including my electric car in with the house to market it as a green home/deal. The car is worth about 50-60k and I'm hoping that as a result of the deal, i can perhaps get more than that when the package deal is marketted correctly.
The only major issue i see is that potential buyers may not qualify for their loan, because the house will not appraise for the 700k (for example) listed price because they won't take the car's value into consideration when doing the home appraisal.
As you said, the house/property alone will have to support the appraisal. You're not really including the car as a "deal" if you're going to raise the house price to include the car value.
Lenders get kind of "funny" about stuff when furnishings, cars, tractors, etc. are included in the sale. Typically it should be a separate bill of sale.
Plus some people may not be interested in an electric car. Others will see the house is overpriced. Most won't be looking to buy a car with a house.
I The car is worth about 50-60k and I'm hoping that as a result of the deal, i can perhaps get more than that when the package deal is marketted correctly.
ok, so you want me, the buyer, to buy your used car and actually expect me to pay more for it than it it worth? If I am buying a used car, I want to select the make, model, color, and mileage.
So, by doing this, you are looking for a buyer who wants your home AND your car. Why would you make your home sale that much more difficult?
Now, if the car was worth 50-60k, and you only upped the home price by 10k.....that's another story.
Trying to sell a car along with a house will only limit your potential buyers. This guy in Detroit tried including two cars with his rather eccentric house:
I have a home I'm getting ready to sell. Itself, its worth between 600 and 650k.
It is completely energy self sufficient and I'm thinking about including my electric car...
You don't need the car where you're going... right? Go for it. Give them the garden tools as well.
But don't count on it having any impact on the sale price or the buyers financing.
I am thinking for the state Department of Motor Vehicles, it could create issues for the buyer to register the vehicle. Even if the vehicle is not "road worthy", many states require annual vehicle registrations.
Home lenders won't lend money to buy cars so if included it would have to be at zero value.
You can go ahead and mark it for sale when people are looking at the home.... maybe it will inspire some interest! But it should be a separate transaction.
...... maybe it will inspire some interest! But it should be a separate transaction.
Agreed, my broker always advised me if a seller wanted to include home furnishings in a sale to write it up as a separate transaction. This would be a similar type of transaction.
The only major issue i see is that potential buyers may not qualify for their loan, because the house will not appraise for the 700k (for example) listed price because they won't take the car's value into consideration when doing the home appraisal.
:
Just remembered from your other thread that this property is in Sterling, VA. This is not an area where you should expect a cash offer. Everyone will be financing. Unless the car is a bonus and the house appraises for the sale amount, you likely won't get a sale.
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